Federal Tax Credit for Electric Vehicle Chargers Renewed
Electric Vehicle chargers are once again eligible for a tax credit
An amendment on the Federal year-end spending bill reinstated electric vehicle charger tax credits that expired in 2017. The credits will cover 30% of the cost to install an EV charger with a maximum credit of $1,000 for individual taxpayers and $30,000 for businesses. The credit will be available through the end of 2020. To claim the credit, use IRS Form 8911.
This is a big deal! The market for electric vehicle charging is still nascent, so any incentive for EV charging is a big win. Not only will it help individuals with the upfront cost of installing EV charging at home, this tax credit will help Wisconsin businesses, from workplaces to multifamily buildings, provide EV charging in their community. We hope this will be another step in the right direction for EV adoption in Wisconsin.
If you’re interested in installing public EV charging stations, check out our factsheet to learn more about why installing EV charging is a good idea and how to do so successfully.
Electric motorcycles are also eligible for $2,500 in tax credits
The amendment also extended credits for electric motorcycles. Buyers can now receive a tax credit of 10%, or a maximum of $2,500. Good news if you’re in the market for the new all-electric Harley Livewire!